Buying a House? Expect a Bidding War!

Are you in the market to buy a home in Boca or Delray Beach or any of the nearby cities? Let us tell you it is a challenge — Demand is increasing, but there is very little available on the market. The number of listings has gone down, and the limited supply is swiftly snatched up by the fervent demand.

In our office and across the country, we are seeing eager prospective homeowners and investors buying property as soon as it hits the market, in some cases, without even seeing it.

Now, it is not uncommon for a home to get off the market in less than 30 days.

SALES on the FAST LANE: HOME SALES in APRIL 2013

NORMAL – 3-4 Months (90-120 Days)

March 2013 – 62 Days

April 2013 – 46 Days

This speed is comparable to the Boom, but there is not much concern for a bubble since back then, it was all easy money, too many loans given on a lenient basis, whereas now, loan standards are more strict.

What we are seeing are qualified mortgagor (borrowers) and several cash buyers competing for the sale. Sellers often have at least one offer within the first few hours of placing their property on the MLS,

Where are the builders? Why aren’t we seeing an upsurge in construction in Boca and Delray? There are a few communities springing up, but not many single family homes. They’re actually putting the brakes on and letting prices rise.

If you have any questions, talk with us! We’re available to answer any and all questions, and we’d love to have you as a client.